New company targets £8.6 billion market with Scottish Enterprise support

Insignia Technologies Ltd has officially launched in Lanarkshire, allowing the company to take its ground-breaking innovative technology in food packaging to a global multi-million pound market, thanks to support from Scottish Enterprise.

Based at BioCity Scotland, Insignia Technologies is the result of collaboration between Insigniapack Ltd which has developed a range of intelligent inks for use as sensors in food packaging, and Novas Technologies Ltd, a spin-out company from the University of Strathclyde, led by experts in smart pigment technology.

Insignia Technologies’ intelligent ink changes colour when exposed to external influences such as time, oxygen and humidity levels. Developed by leading chemist Professor Andrew Mills, the technology can be used in a range of different products. With an estimated 18 million tonnes of edible food sent to landfill in the UK each year, the embedded packaging timers change colour over time to show how long food that has already opened has been kept in the fridge. According to the Institute of Grocery Distribution, freshness and quality indicators have been identified as one of the most important innovations for consumers over the next five years.

Fully supported, by Scottish Enterprise, the new company will work with multi-national retailers and key players within its packaging supply chain to bring the new technology to market during 2013.

The unique technology underpinning the new company was developed through a Scottish Enterprise Proof of Concept Programme project with the University of Strathclyde that started in 2010. Ongoing support from Scottish Enterprise’s High Growth Support team has also helped the company identify routes to market, develop its IP strategy and explore new overseas territories.

With additional support to refine the technology through a £100,000 SMART:SCOTLAND grant which contributed to a total project cost
of £136, 648, as well as £710,000 of Young Innovative Enterprise (YIE) funding supported by the European Union in place, Insignia Technologies is now focusing on scaling up production to open up more commercial opportunities.

Eleanor Mitchell, director of commercialisation, Scottish Enterprise, said: “Bringing the complementary technologies of these two companies together will enable Insignia Technologies to produce a range of novel products to capitalise on a global smart packaging market, worth £8.6 billion. Through our Proof of Concept support, Strathclyde University's initial idea was translated into a technology with real commercial potential and we've worked closely with the founders of Insigniapack Ltd to develop their technology.

"We are very encouraged to see the two companies collaborate and will continue to support the growing team in the combined business with access to finance, business networks and seasoned advice to enable its rapid growth – ultimately boosting the long-term success of the Scottish economy."

Stephen Currie, Chief Operating Officer for Insignia Technologies said: “Thanks to the substantial support we’ve received from Scottish Enterprise we are in a strong position to deliver our ambitious growth plan, generating significant revenue through global customers from our base in Lanarkshire”.